The Cleveland Clinic and three U.S. universities announced Wednesday they will receive unrestricted funds of roughly $260 million each, due to the sale of global technology and manufacturing company, Lord Corp.

Why it matters: Officials at the the Cleveland Clinic, Massachusetts Institute of Technology, Duke University and the University of Southern California say the anticipated $1 billion in total donations is believed to be the largest single allocation of its kind.

Of note: Many institutional donations like this comes with detailed agreements from donors on how the money may be used, but this did not, the Washington Post reports.

  • Lord Corp. grew its sales to more than $1 billion in 2018, and the company was recently purchased by Parker-Hannifin Corporation for $3.7 billion, triggering the distribution of proceeds to the four schools to advance education and research in science and technology, per the Cleveland Clinic.
  • The Lord foundations supported MIT, Duke, USC and the Cleveland Clinic, and previously handed out approximately $200 million to the four institutions since the 1980s.

The bottom line: The universities and medical center can prioritize needs that are pressing, but may not be appealing to donors.

Go deeper: GoFundMe's place in the health care system

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"— COVID-19 looms over White House Halloween celebrations.
  2. Health: 13 states set single-day coronavirus case records last week — Fauci says maybe we should mandate masks if people don't wear themU.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.

Amy Coney Barrett's immediate impact

Illustration: Eniola Odetunde/Axios

In her first week on the job, Amy Coney Barrett may be deciding which votes to count in the presidential election. By her third week, she’ll be deciding the fate of the Affordable Care Act.

Where it stands: The Senate votes on Barrett’s nomination tomorrow. If she’s confirmed, Chief Justice John Roberts is expected to swear her in at the Supreme Court within hours, an administration official tells Axios.

Texas Democrats beg Biden to spend now

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The Biden campaign is rebuffing persistent pleas from Texas Democrats to spend at least $10 million in the Lone Star state, several people familiar with the talks tell Axios.

Why it matters: If Texas — which has 38 electoral votes and is steadily getting more blue, but hasn't backed a Democrat for president since 1976 — flipped to the Biden column, it would be game over. But the RealClearPolitics polling average stubbornly hovers at +2.6 for Trump — and Team Biden appears more focused on closer targets.